STP founder Mike Chen talks about how standard token protocols respond to the "barbaric era" of the market | Chain Node AMA
The brutal growth of the blockchain financing market has always been a worrying issue. On the one hand, the growth of the market requires a relaxed and free environment; on the other hand, the lack of restraint in the "barbaric era" has created many dangerous situations. At the right time, STP came into being.
STP (Standard Tokenization Protocol) is a standard token protocol initiated by Block72, a well-known blockchain consulting company. It aims to establish a set of open source standards that can be used to issue compliant legal digital assets with one click. This standard is used to define compliance with all necessary Regulations simultaneously generate, issue, send, and receive ownership of token assets. This agreement allows any asset to be tokenized, meets compliance requirements in different jurisdictions, and can be transferred across all ERC20 platforms to achieve compliance tokenization of any asset.
Can the blockchain industry financing chaos end here? How can the STP standard tokenization protocol become the financing standard for the entire industry? What are the benefits of this model for issuers and investors? In the afternoon of March 23, STP founder and CEO of Block72, Mike Chen, acted as a passenger chain node AMA, and discussed the STP-related topics of interest to community users with the big brother.
In addition, STP will vote for listing on Binance from 12 noon on the 24th to noon on the 25th of this month. After reading the details, please read the support if you are optimistic.
STP does not want to change the status quo
The first half of 19 was the season when IEO was proud of its spring breeze, but compared with ICO, the former did not have substantial changes and innovations. IEO quickly collapsed from the tall building to the building. The market was still noisy. In this regard, Mike Chen believes that the IEO model, as an exchange-sponsored model, has a variety of factors. In the final analysis, it can be said that "there are successes and failures, and failures are also Xiao He." Then, for such a major event as formulating industry financing rules, we must first have a deep understanding of the old rules, and at the same time have sufficient resources, capabilities, and teams to establish new rules. On what basis can STP be completed? Mike Chen stated:
1. STP's desire to change the status quo is not a temporary phenomenon. STP relies on Block72's consulting business. Since 2017, the Block72 team has been aware of the inefficiency of the digital asset issuance and growth systems provided in the existing industry, and is considering the establishment of the STP ecosystem, which defines how to comply with necessary regulations At the same time, it issues and transfers tokenized assets. 2. STP relies on Block72 consulting business. Block72's resources in the industry are distributed on major exchanges. Various top-level projects such as BAT, Hashgraph, Algorand, and Decenteraland, and dozens of ecological communities are extensive and rich. Resources and channels serve as impact audiences for this project (STP). 3. STP combined with its own product, BlockZone.com, has multiple token application scenarios such as MTO and pledged interest. 4. STP is a senior industry consulting team from South Korea, the United States, and China. Most of the small partners are industry practitioners with many years of experience. They have top-level capabilities and experience in operating blockchain projects.
He especially emphasized that the main innovation of STP regarding compliance is to enforce compliance in smart contracts of tokens, rather than at the exchange level. The efficiency of issuers and investors can be greatly improved, and security enhanced. This is achieved by using the compliance validator of the STP protocol, which is responsible for enforcing judicial compliance requirements and investment compliance requirements for the issuer's region.
Publishing mobile app and introducing more high-quality traffic will be the focus of the next stage
At present, STP has released a white paper and completed private equity financing and IEO. Mike Chen said that at this stage, the STPde token agreement project is gradually reaching cooperation with outstanding enterprise representatives in various sectors of the industry, and then, mobile app applications are released. Introducing more high-quality traffic will be the focus of the next phase. Referring to the next plan, Mike Chen said:
Previously, our core was the Korean market. We have launched the three major Korean exchanges Upbit, Coinone, and Bithumb. This year, we will launch the domestic market. This time, the Binance voting is the first step to enter the mainland market.
Among them, STPT successfully passed the review and launch of Upbit, the largest exchange in South Korea, and supports Korean currency trading pairs. Passing such a rigorous assessment can be said to prove its own strength at this stage.
In addition, some users in the community mentioned that the current market is not optimistic and is in a bear market. The token issuance market has become rational. How to ensure that STP technology can have sufficient demand? Mike Chen responded:
Although it is currently a bear market for the digital asset industry, it is still the early stage of development in the blockchain industry, especially in the field of technology exploration. At this stage, despite the token price, in fact, many large and medium-sized enterprises and organizations are actively trying to tokenize assets. Therefore, we are very optimistic about the future market potential, especially the demand from traditional industries.
The above is the content of this AMA. As Mike Chen said, the potential of the future market is still worth optimistic, and the "barbaric growth" of the market is still an urgent problem to be solved. Can STP take on the heavy responsibility and become the maker of industry standards and specifications in one fell swoop? Examination papers have been arranged. Let's watch the STP examination room.
Review of this issue of AMA: https://www.chainnode.com/ama/416908